One thing no one's mentioned yet - make sure to keep track of any expenses related to the sale! Lawyer fees, real estate commissions, transfer taxes in the foreign country, etc. Those can all be deducted from your proceeds to reduce any potential gain.

Great question! As someone who recently dealt with a similar situation involving inherited property in Canada, I can confirm what others have said about the stepped-up basis rules. Since you inherited the property at fair market value and are selling for essentially the same amount, you shouldn't have any capital gains tax liability. However, make sure you get proper documentation of the property's value at the time of inheritance - this becomes your basis for tax purposes. An official appraisal or comparable sales data from around the date of death will be important if the IRS ever questions your basis calculation. Also, don't forget to check if your wife's home country has any inheritance or transfer taxes that might apply to the sale. Some countries have withholding requirements on property sales by non-residents, even if the property was inherited. The timing of when you actually receive the sale proceeds could affect which tax year you need to report everything in. One last tip - if you're planning to keep the sale proceeds in a foreign account, make sure you understand the FBAR reporting thresholds. The $10,000 limit applies to the highest balance at any point during the year, not just year-end balances.

Don't waste money on a tax person! I was in your exact situation last year - main job around $90k and a side gig around $8k. I tried both doing it myself and going to a professional. The "professional" charged me $350 and got me the EXACT SAME result I got using FreeTaxUSA which cost me $0 for federal and $15 for state. The key with multiple jobs is understanding how to adjust your withholding. The second job income pushes some of your money into a higher tax bracket, which is probably why you owed last year. I fixed this by putting an additional $50 withholding on each paycheck from my main job (line 4c on the W-4 form). As for claiming your mom, if she lived with you all year and you provided more than half her support, you'll likely qualify for Head of Household filing status which gives better tax rates and a higher standard deduction!

Based on your situation, you definitely need to report that $7.5k from your second job - all income gets combined when calculating your taxes. The withholding issue others mentioned is spot on - each employer withholds as if they're your only job, so you're likely under-withheld overall. For your mom as a dependent, since you're providing full support and she's living with you, you should qualify for Head of Household status (assuming you're unmarried). This gives you better tax brackets and a higher standard deduction than filing single, which could significantly help your tax situation. One thing I haven't seen mentioned - consider making quarterly estimated tax payments if you plan to keep the second job. This can help you avoid the big tax bill at filing time. You can calculate what you need using Form 1040ES. As for tax preparers, I'd suggest looking for an Enrolled Agent who specializes in multi-income situations. They're federally licensed and can represent you before the IRS if needed. Ask potential preparers specifically about their experience with Head of Household filing and multiple job withholding strategies before you hire them.

I filed way back in February and nothing has changed since May. This is getting ridiculous tbh

Same here! Filed in February and my as of date hasn't budged since August. It's so frustrating not knowing what's going on. I've tried calling the IRS multiple times but can never get through or they just tell me to wait. Has anyone had any luck getting actual answers from them? This whole process is such a nightmare 😤

11 Has anyone here used owner financing as a buyer rather than a seller? I'm considering purchasing a property this way and wondering about tax implications from the buyer's perspective.

One thing to keep in mind with owner financing is the imputed interest rules. If you're not charging adequate interest on the financed portion (currently around 5.5% for long-term AFR), the IRS may impute interest income to you and treat part of your principal payments as interest income taxable at ordinary rates rather than capital gains rates. Also, make sure your purchase agreement clearly states the allocation of the purchase price if there are any personal property items included (like appliances or furniture). The stepped-up basis only applies to the real property portion, so you want to make sure everything is properly documented for tax purposes. Given the complexity of installment sales with inherited property, I'd strongly recommend getting everything reviewed by a tax professional before finalizing the sale agreement. The tax implications can be significant if not structured properly.

Something similar happened to me in 2022. They ended up sending a letter asking for marriage certificate. Might wanna check your mail carefully next few weeks

Been through this exact same thing! Filed MFJ for the first time in 2022 and had the same pattern - my transcript updated with 570 while my husband's stayed N/A for weeks. Turns out they were just verifying our marriage status since it was our first joint return. The 570 eventually cleared after about 3 weeks and then his transcript updated shortly after. Just be patient, it's totally normal for first-time MFJ filers. The IRS likes to double-check everything when your filing status changes!